TSX falls as metals weigh and oil rebound stokes inflation concerns
EWC•EWC•EWC•EWC•Canada’s S&P/TSX Composite fell 0.8% to 35,511.48 points as declining metals weighed on mining shares and rebounding crude prices revived inflation concerns.
The materials sector slid more than 3% as gold fell to a seven-week low, silver dropped 4.5% and copper hit a more than one-week low. Aris Mining fell 6.3%, AbraSilver Resource lost 5.6% and NovaGold Resources dropped 4.9%.
Brent crude futures rose nearly 2% to about $106 a barrel after U.S. President Donald Trump rejected Iran’s peace deal. The oil rebound renewed concerns that energy-driven inflation could constrain central banks’ ability to cut rates, pushing up bond yields and weighing on rate-sensitive sectors. Technology shares fell about 2%, with Shopify down 3.3%.
Investors were watching for Canadian GDP data due Tuesday, followed by U.S. GDP and Personal Consumption Expenditures inflation data. Separately, Draganfly rose 5.7% after saying Unusual Machines and an unnamed U.S. investment fund each invested $5 million.
